Jeera futures hit upper circuit on strong spot demand

Jeera prices spurted by 3.99 per cent to hit upper circuit at Rs 15,230 per quintal in futures trading today as speculators enlarged positions, taking positive cues from spot market on strong demand.
Besides, tight stocks position in the physical markets on restricted supplies from producing areas and some export enquiries fuelled the uptrend.
At the National Commodity and Derivatives Exchange, jeera for delivery in January month shot up by Rs 585, or 3.99 per cent to Rs 15,230 per quintal with an open interest of 1137 lots.
Similarly, the spice for delivery in February contract moved up by Rs 595, or 3.97 per cent to Rs 15,590 per quintal in 14,586 lots.

Analysts said speculators built-up huge positions, driven by strong demand in the spot market amid some exports enquiries mainly helped jeera prices to hit upper circuit at futures trade.